Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) – Equities researchers at National Bank Financial cut their Q3 2022 earnings per share (EPS) estimates for Teck Resources in a research note issued to investors on Wednesday, July 27th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will earn $1.04 per share for the quarter, down from their previous forecast of $2.30. The consensus estimate for Teck Resources’ current full-year earnings is $7.14 per share. National Bank Financial also issued estimates for Teck Resources’ Q4 2022 earnings at $0.95 EPS, FY2023 earnings at $4.48 EPS and FY2024 earnings at $5.54 EPS.
TECK has been the topic of a number of other reports. Clarkson Capital restated a “neutral” rating on shares of Teck Resources in a report on Tuesday, June 14th. Royal Bank of Canada cut their price target on Teck Resources from C$67.00 to C$60.00 in a report on Thursday. B. Riley increased their price target on Teck Resources from C$57.00 to C$58.00 in a report on Thursday, April 28th. Raymond James cut their price target on Teck Resources from C$60.00 to C$56.00 in a report on Thursday. Finally, Canaccord Genuity Group upgraded Teck Resources from a “hold” rating to a “buy” rating and increased their price target for the stock from C$42.00 to C$46.00 in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and an average price target of $49.83.
Teck Resources Price Performance
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last announced its earnings results on Wednesday, July 27th. The basic materials company reported $3.25 EPS for the quarter, beating the consensus estimate of $2.01 by $1.24. The business had revenue of $5.79 billion for the quarter, compared to analysts’ expectations of $5.59 billion. Teck Resources had a return on equity of 18.76% and a net margin of 25.82%. The firm’s revenue was up 126.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 earnings per share.
Teck Resources Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be given a $0.097 dividend. This represents a $0.39 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Wednesday, September 14th. Teck Resources’s payout ratio is currently 6.63%.
Institutional Investors Weigh In On Teck Resources
Institutional investors and hedge funds have recently bought and sold shares of the stock. Achmea Investment Management B.V. purchased a new stake in shares of Teck Resources during the 1st quarter valued at $37,000. Optimum Investment Advisors purchased a new stake in shares of Teck Resources during the 1st quarter valued at $40,000. Kistler Tiffany Companies LLC increased its position in shares of Teck Resources by 95.9% during the 1st quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 517 shares during the last quarter. DeDora Capital Inc. purchased a new stake in shares of Teck Resources during the 1st quarter valued at $45,000. Finally, Cornerstone Advisory LLC purchased a new stake in shares of Teck Resources during the 4th quarter valued at $46,000. 55.81% of the stock is owned by hedge funds and other institutional investors.
Teck Resources Company Profile
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.
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